Am I required to provide an FBAR to the IRS?

Reporting assets on an FBAR form has been under debate for some time due to limited guidance from the US government. Fortunately, recent classifications have made the need to provide an FBAR more clear and we can now let our users know they likely do not need to provide an FBAR at this time.

According to FinCEN regulations found in 31 CFR § 1010.350 Cryptocurrency is not listed as an asset or account type that needs to be reported on an FBAR.

While this guidance is always subject to change and consulting with an experienced tax attorney can be beneficial, this is how we have interpreted the guidance that is available at this time.

Have additional questions? Feel free to check out articles from the rest of our knowledge base!

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